Creating Your Homebuyer Wish List
If you’re embarking on the exciting process of searching for your first home, you may be feeling a bit overwhelmed. After all, from choosing the right location to securing the necessary financing, there are many important details to tackle.
These details can often cloud your judgment when looking at prospective homes to buy. However, in order to be happy in your new home for years to come, you must choose a property that embodies what’s most important to you. The U.S. Department of Housing and Urban Development (HUD) recommends answering the following questions as a guide to selecting your first home:
1. What part of town/neighborhood do you want to live in?
2. What price range would you consider? Establish the maximum price you’d consider.
3. Are schools a factor and, if so, what do you need to take into consideration (i.e., the school system’s ranking, whether the kids can walk to school, etc.)?
4. Do you want an older home or a newer home (less than five years old)?
5. What kind of houses would you be willing to see (i.e., ranch, two-story, split level, condo, etc.)?
6. What style house appeals to you most (i.e., contemporary, traditional , colonial, etc.)?
7. How much renovation would you be willing to do?
8. Do you need to be close to public transportation?
9. Do you have any physical needs that must be met, such as wheelchair access?
10. Do you have any animals that will require special facilities?
11. What criteria does the lot the property sits on have to meet (i.e., acreage, fenced yard, two-car garage, patio/deck, views, etc.)?
12. What criteria does the interior of the home need to meet (i.e., number of bedrooms, number of bathrooms, square footage, etc.)?
13. What features of the home are most important to you? Consider must-haves vs. would-like-to-haves:
• Air conditioning
• Wall-to-wall carpet
• Hardwood floors
• Eat-in kitchen
• Separate dining room
• Formal living room
• Family room
• Separate den or library
• “In-law” apartment
• Lots of windows (light)
Answering the above questions will help you hone in on what’s most important to you and what you can let go of. This exercise will also help you narrow your home search and find your new home much sooner.